Vinco Ventures, Inc. (NASDAQ: BBIG) stock gained by 11.75% at last close whereas the BBIG surged by 7.38% in the pre-market trading. Vinco Ventures is a digital media and content technology-focused selective acquisitions firm. The B.I.G. of Vinco (Buy. Innovate. Grow.) The goal is to look for acquisition prospects that have the potential to scale and will be large.
Recent Past Development
The ZASH Global Media and Entertainment merger and the Lomotif acquisition have been updated by BBIG. The following are the most recent updates.
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- Through their joint venture, ZVV Media Partners, LLC, Vinco, and ZASH seek to purchase Lomotif Private Limited.
- In preparation for the expected acquisition of Lomotif through the Joint Venture, the parties have signed an Amended and Restated Limited Liability Company Agreement for the Joint Venture.
- On or before June 11, 2021, Gemini Valuation Services will complete and deliver to Vinco an impartial third-party valuation on ZASH.
- On or before June 24, 2021, the companies plan to complete a formal deal and Plan of Merger and Reorganization.
- Regulatory and exchange permissions are required. On or before July 15, 2021, the parties aim to send a formal proxy to Vinco shareholders requesting approval of the ZASH merger with Vinco.
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Financial Highlights
On May 25, 2021, Vinco Ventures reported results for the three months ended March 31, 2021. Given below is the summary:
- Revenue grew by 31.32 percent to $2.57 million for the three months ended March 31, 2021, relative to $1.95 million for the three months ended March 31, 2020.
- The net profit for the three months ended March 31, 2021, was $0.9 million, up 56.64 percent from $0.6 million for the three months ended March 31, 2020.
- Gross margin rose 17.72% to 35.54% for the three months ended March 31, 2021, relative to 30.19 percent for the three months ended March 31, 2020.
- For the three months ended March 31, 2021, BBIG’s net loss was $62.47 million, or ($3.27) per basic and ($3.28) per diluted share, relative to a net gain of $1.27 million, or $0.166 per basic and $0.13 per diluted share, for the same period in 2020.
- For the three months ended March 31, 2021, adjusted EBITDA, a non-GAAP metric, totaled a negative $1.29 million, relative to a negative $0.92 million for the three months ended March 31, 2020.
- The deficit on the issuance of warrant liability of $75.2 million is compensated by a gain on change in fair value of warrant liability of $36.4 million in adjusted EBITDA.